The venture also includes more than 300 acres of undeveloped land with an estimated development potential of more than 5 million sq. ft. The partnership also expands an existing $248 million partnership between Duke-Weeks and J.P. Morgan that was formed in 1995.

With the transaction, Duke-Weeks contributed $469 million of industrial properties and $30 million of undeveloped land, and J.P. Morgan Investment contributed $43 million of industrial properties.

The venture is approximately 50% leveraged, and Duke-Weeks net proceeds total $370 million.

Duke-Weeks is managing member of the venture and owns a 50% interest, with the other two partners each owning 25%.